LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive control cables market to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Development in the field of automotive control cables is one of the major trends being witnessed in the global automotive control cables market 2018-2022. The automotive control cables market is witnessing developments in design, use of material, and the manufacturing process. Such trends in the automotive control cables market will make way for efficient control cables, which are not only more durable and reliable but also improve the efficiency of the overall system in which they are used.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive control cables market is the cheap automotive control cables owing to the use of cost-effective materials and manufacturing process:
Global automotive control cables market: Cheap automotive control cables owing to the use of cost-effective materials and manufacturing process
Automotive control cables are cost-effective and inexpensive, which makes them affordable to be used in large volumes per vehicle. Additionally, the purchase of these control cables by automotive OEMs in bulk or masses makes the overall cost more affordable. This is one of the major factors promoting growth in the market.
According to a senior analyst at Technavio for research on automotive components, “OEMs use control cables made of different materials, such as steel or aluminum, depending upon the application and the vehicle type. The use of better quality material leads to improved working and function at required places. The cost of manufacturing is also less as these cables are made by wire drawing from wire rods, wherein high tensile spring steels of different grades are mainly used. In the manufacturing process, either steel or aluminum are put in various wire rods of the required diameter as the starting material. These wire rods are then passed through various intermediate stages of wire drawing, after which they are stranded to produce wire rope as per required specifications.”
Global automotive control cables market: Segmentation analysis
The global automotive control cables market research report provides market segmentation by application (passenger vehicle and commercial vehicles) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger vehicle segment held the largest market share in 2017, accounting for nearly 79% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 54%. This region is expected to dominate the market through 2022, with a 2% increase in its market share.
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